DURHAM – The Durham-based contract research organization BioAgilytix has announced an agreement in a statement that notes the company will “be further capitalized” by an investment from the global firm Cinven, which will acquire a majority stake in BioAgilytix.
The current majority investor in the company, Cobepa, S.A., will remain “a significant minority investor” after the deal, according to the company’s statement.
“Our focus on providing customers with industry leading scientific expertise coupled with superior service across the pharmaceutical development pathway has been our formula for success,” said Jim Datin, president and CEO of BioAgilytix, in a statement. “As we move into our next chapter of our evolution, Cinven will provide the additional resources that will empower us to expand not only our geographical reach but will also enable us to invest further in our talent and facilities around the globe to meet the ever-growing needs of our customers.”
According to the company, the new investment from Cinven provides BioAgilytix “increased funding and resources to meet the growing demand” for the company’s bioanalytical services.
The company announced a $61.5 million expansion in Durham in Oct. 2020, noting that it would hire at least 898 employees to support the company’s growth.
“Cinven plans to support the highly skilled management and scientific leadership teams to invest in capacity and capabilities to capture the compelling growth opportunity in the market, ultimately supporting the delivery of new therapies for patients globally,” said Alex Leslie, partner, healthcare and head of U.S. for Cinven in a statement. “We look forward to working with the entire BioAgilytix team to help them to realise the full potential in the business.”
The transaction is expected to close after customary closing conditions and regulatory approvals, according to the statement.
Along with GHO Capital, Cobepa acquired BioAgilytix in November 2018.